Since we are talking about Australia, there are two distinct requirements: Section 259 "Riding at night" of the Australian Road Rules about use of bicycles on road-related areas; and Consumer Protection Notice 6/2004 "Consumer Product Safety Standard: Pedal Bicycles: Safety Requirements" about safety equipment to be present upon the sale of a bicycle.
Section 259 is short:
The rider of a bicycle must not ride at night, or in hazardous weather conditions causing reduced visibility, unless the bicycle, or the rider, displays:
(a) a flashing or steady white light that is clearly visible for at least 200 metres from the front of the bicycle; and
(b) a flashing or steady red light that is clearly visible for at least 200 metres from the rear of the bicycle; and
(c) a red reflector that is clearly visible for at least 50 metres from the rear of the bicycle when light is projected onto it by a vehicle’s headlight on low-beam.
Section 259 does not talk about the technology of the reflector but does set a performance standard which it must meet. Reflector isn't defined, so the usual dictionary understanding applies. Note carefully the words: "reflector", not "bicycle reflector". BTW only excellent reflective tapes will meet the performance requirement.
CPSC 6/2004 is a different beast entirely, referring to AS/NZS 1927: 1998 Pedal bicycles — Safety requirements which in turn requires the rear red reflector to meet AS2142-1978 Reflectors for pedal bicycles which is essentially the same standard as the USA Consumer Product Safety Commission's 16 CFR 1512.16 "Requirements for reflectors" regulations. The essential requirement for the rear red reflector is for a wide angle of reflection in the horizontal plane. CPSC 6/2004 is where the requirement for the additional front, pedal and wheel reflectors comes from. Again this only applies at the point of retail sale of bicycles: you can remove these all these devices after sale as long as you still show a rear reflector when riding at night.
I had the same issue as you, and mounted a traditional reflector on the traffic-side seat stay. That satisfies the Australian Road Rules but not the CPSC 6/2004 regulations.
As an aside, the Australian Road Rules demand that a bell or other warning device is always required when riding on a road-related area. So that's the often-missing item which police enforce in "cycling crackdowns".